Drilling Tools International Leases 27150 Square Feet At 1612 Southcreek Ln Houston
1612 Southcreek Ln, Houston, TX, 77...
Building Size
27,150 SF
Asset Type
Industrial
Closing
Nov 19, 2023
AI
Drilling Tools International has signed a lease for an industrial property located at 1612 Southcreek Lane in Houston, TX. The property encompasses 27,150 square feet and is situated on a 2.9-acre site within Candle Ridge Business Park on the city's north side. This crane-served facility caters to the downhole land and offshore drilling industries.
Summary of transaction details:
- Property Type: Industrial Lease
- Transaction Amount: Not disclosed
- Address: 1612 Southcreek Ln, Houston, TX
- Market: Houston
- Tenant: Drilling Tools International
- Landlord: TRECAP Southcreek Partners
- Tenant's Representative: Ed Frantz - CBRE
- Landlord's Representative: Jason Tangen - Colliers International
Ed Frantz, along with John Amini and Boomer White from CBRE, represented Drilling Tools International during the lease negotiations. Jason Tangen from Colliers International represented the landlord, TRECAP Southcreek Partners, in the transaction.
Players
Houston Industrial Market Snapshot
Boundary boundary · Industrial · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93